The graphitic phases of C and Si are studied with the use of the pseudopotential local-density-functional approach. For graphite, good agreement with experiment is obtained for the in-plane lattice constant, interlayer spacing, isotropic bulk modulus, and graphite-diamond structural energy difference. Graphitic Si has relatively weak bonding and its formation is unlikely since its energy is 0.71 eV/atom higher than the diamond phase and a large negative pressure of -69 kbar is required.